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Mayank Ashar. Image courtesy of engbubbls.com

Cairn India named Mayank Ashar its new managing director and CEO at a board of directors meeting Tuesday.

The appointment is effective November 17.

The decisions is still subject to the approval of shareholders and other regulatory approvals.

Ashar, 59, has worked in the oil and gas industry for more than 36 years.

UK-based Cairn said Ashar was chosen for his experience in delivering “industry-leading business results and demonstrated expertise in driving strategic growth.”

Ashar has served in various senior management and top leadership roles at British Petroleum, Petro-Canada and Montreal-based Suncor Energy.

He also served as CEO and president at New Brunswick-based Irving Oil Limited for four years.

Cairn India is one of the largest independent oil and gas exploration and production companies in India with a market capitalization of over $10 billion.

The company operates about 30 percent of India’s domestic crude oil production and has a portfolio of nine oil and gas blocks in the country.

“Cairn India has built a niche for itself in a short span of time and it is a privilege to lead the organisation,” Ashar said.